Revision History

Applied Digital has signed a series of 15-year take-or-pay leases totaling $31 billion in contracted revenue across four AI data center campuses, with its most recent $7.5 billion deal for Polaris Forge 3 pushing total contracted capacity past 1.2 gigawatts. The stock surged 21% on the news, but the company's massive debt load, minimal current revenue, and reliance on natural gas power raise questions about execution risk and long-term sustainability.